Confidence in the quality of auditing is improving according to the UK’s Financial Reporting Council, however there remains concerns about the level of concentration in the market which is dominated by four major firms. The overview of auditing report is the first since becoming the country’s Competent Authority for audit under EU rules. Two years ago, the FRC said […]
Read MoreThe UK’s Financial Reporting Council (FRC) has launched two separate audit investigations,one into KPMG’s audit of HBOS in 2007 and secondly PricewaterhouseCoopers audit of BHS in 2014 – under its accountancy scheme which it allows it to take disciplinary action against members of the profession. The investigation into KPMG has been instituted by the FRC’s conduct committee […]
Read MoreAchieving greater board diversity to improve company performance was the most pressing concern of respondents to the UK’s Financial Reporting Council’s (FRC) succession planning consultation. The FRC’s feedback statement on the consultation found that respondents believed that boards as a whole should be better informed about the link between diversity, strategy and business value. Diversity should be considered […]
Read MoreThe Financial Reporting Council’s pre-emption group (PEG) has released a report showing the progress of implementation of the Statement of Principles (principles), which were updated in 2015 to reflect market changes. The PEG found that the revised principles were largely adhered to while the FRC said the report’s findings showed the importance of open dialogue and engagement between investors and […]
Read More…as the UK’s Financial Reporting Council finalises auditor rules The Financial Reporting Council (FRC) has published final drafts of the latest UK corporate governance code and the associated guidance on audit committees so they will meet the requirements of forthcoming legislation on audit committees and auditor appointments. This forms part of the UK’s implementation of the EU’s […]
Read MoreChanges may be needed to ensure audit teams have the right skills in the future and there needs to be an open and constructive debate on the future of audit findings from two international studies produced for the UK’s Financial Reporting Council and ICAS show. ICAS and the FRC commissioned the research in 2013 and this […]
Read MoreWith the EU’s audit regulation and audit directive coming into force in June the UK’s Financial Reporting Council (FRC) is consulting on its new audit enforcement procedure for audits of Public Interest Entities (PIE) – which include listed companies, credit institutions and insurance undertakings. The FRC has developed its new audit enforcement procedure in order to fulfill its role […]
Read MoreCompliance with the UK Corporate Governance Code remains high,with 90 per cent of the FTSE 350 complying with all but one or two provisions, according to the Financial Reporting Council (FRC) in its report, Developments in Corporate Governance and Stewardship 2015. Data compiled by Manifest on behalf of the FRC shows that, in respect of board and […]
Read MoreAfter what has probably been the most exhausting proxy season for investors and issuers alike, the regulatory momentum shows no sign of easing. The new UK Corporate Governance Code goes live for all companies reporting to shareholders on or after 1 October 2014. Regarding the changes, the Financial Reporting Council (FRC) CEO Stephen Haddrill commented […]
Read MoreAs we tweeted last week it’s AGM season, so that means it’s time for more consultations. Consultations are generally a good thing, even if the timing is a little inconvenient for shareholders. This article takes a look at the key takeaways from the UK’s latest consultation but then poses some tricky questions about the evolving nature […]
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